The Saga Of The Unintentional And Much Revered Pastor – Mensah Otabil And Ato Essien

By Dr. Richard Kobina Kyereboah
Opinion The Saga Of The Unintentional And Much Revered Pastor – Mensah Otabil And Ato Essien
AUG 23, 2018 LISTEN

Ghana faces the challenge of poor corporate governance and lack of investor attraction. Poor corporate governance results in loss of financial resources, lack of trust in the business of investment, collapse of corporate institutions, and the weakening of the economic well-being of a whole country (Adda, & Hinson, 2006).

“…my position in the bank was non-executive role. I was therefore not involved in the day to day management and operations of the bank", Reverend Mensah Otabil, (Ghanaian Daily Graphic, August 15, 2018).

The much revered Pastor was a non-executive director and also a chairman of the board. As a board chairman, you and your directors, executive and non-executive were accountable for whatever happened in the bank. Yes, the management was responsible for day to day operations, but the chairman and the board are accountable. I am still yet to come to terms with what was ‘day-to-day’ operations about the issues involved here. Is advancing and disbursing huge monies to shareholders and clients day-to-day operations? Can one classify emergency meeting between directors and management committee to discuss the use of GHC 610 million as day-to-day management and operations of the bank?

Unfortunately, the chairman was either ambushed or did not know what he was superintending over in all what has brought the banks and the companies of ATO ESSIEN to their knees. That man, ATO ESSIEN needs to be watched and clubbed down. Why do you take advantage (I may be right or wrong) of the lack of technical knowhow and good intentions of someone (Reverend Mensah Otabil) who has spent all his life building his much valued, revered and rich reputation to a near dirty-end. Our consolation is ‘GOD is Good’. Ato Essien owes Reverend and Pastor Otabil an unqualified apology. The untold hardships in all forms that ATO ESSIEN has brought to hundreds of employees affecting their lives, homes and future are more than serious for him to answer before his maker here and now.

My cherished Pastor and Ato Essien, let us now go for lectures on corporate governance 101.

The basis for good corporate governance practice in organizations is a competent board of directors (Kato & Tomar, 2010). The key attributes of board members for better corporate governance include competence, integrity, involvement, and co-operative working relationships (McDonagh & Umbdenstock, 2006). A board made up of directors with the right knowledge, skills, attitude, and behavior may be exceptional in delivering their duties and impact positively on the well-being of the organization and the community in which they are operating. The differentiating factor between a responsible board and an exceptional board lies in thoughtfulness and intentionality, action and engagement, and knowledge and communication. The financial scandals in many corporate bodies have necessitated proper structuring of boards to secure the protection of stakeholders and shareholders (Barnett & Maniam, 2008). Countries where family ties and hierarchies of relationships are important contribute to an environment of uncertainty (Baron, 2010). Rossouw, Watt and Malan (2002) indicated, “Directors should take responsibility for determining the moral climate of companies. Directors should lay down ethical guidelines and ensure that managers enforce it. Non-executive directors should also create a culture in which unethical conduct can be exposed without fear of retribution” (p. 4).

Was this the case in Reverend’s chairmanship saga?

Your thoughts, my brothers & sisters.
Dr. Richard Kobina Kyereboah, CEO, Core Career Development Consult Limited

Writer’s contact: [email protected]